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Prepare journal entries that uncle scrooge company should

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Problem 1: Uncle Scrooge Company uses the allowance method to account for bad debts. In the first year of operations (2019), Filler sold $640,000 of merchandise on credit; which included a $3,500 sale to Donald Duck. On December 31, 2019, it provided an addition to its allowance for doubtful accounts equal to 1.8% of its credit sales. On June 1, 2020, Scrooge wrote off as uncollectible the $3,500 account of Donald Duck; and on December 25, 2020 Donald Duck unexpectedly paid his account in full. On the Bad Debt working paper, prepare the journal entries that Uncle Scrooge Company should make:

(a) On December 31, 2019, to increase the allowance for doubtful accounts.
(b) On June 1, 2020, to write off the bad debt.
(c) On December 25, 2020, to record the unexpected collection from Donald Duck.
(d) If you require more lines in your general journal than are provided, add them in by hand.

Reference no: EM132783982

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